Palm oil headed for a second weekly loss as a stronger ringgit made the tropical oil less attractive for overseas buyers. Futures in Kuala Lumper were higher on Friday, but still down 1% for the week. The stronger currency is weighing on sentiment and could cap palm oil exports from Malaysia this month, according to a senior analyst. “We could see stockpiles building up, especially during the peak production months in August to October,” he said. The ringgit is set for its longest winning streak in 14 years on optimism about Malaysia’s economy and foreign fund inflows. The currency rose against the dollar on Friday, gaining for the 10th straight day.
